Paytm Payments bank enhances KYC verification; to invest USD 500 mn

Paytm Payments Bank on Monday announced that it is rapidly scaling its capacity for KYC verification of its customers.

The company will invest USD 500 Million into KYC operations and hire over 10,000 KYC personnel in line with its target of 500 Million KYC wallets over the next three years.

Paytm has extensively expanded its KYC network and is now getting ready with more than 100,000 banking outlets and KYC points as it scales customer acquisition efforts.

This will further facilitate the adoption of the payments bank as consumers will now be able to earn interest on their deposits.

"We are adding another 10,000 new members to our current workforce of KYC Agents this year as a part of our expansion plan. This will be the most aggressive KYC expansion in the country that will act as an enabler for hundreds of underserved and un-served consumers to gain access to zero-cost payments and banking services. We are confident that with this scaling up of KYC operations, we will have one of the largest KYC'd customer base in the country," said MD and CEO - Paytm Payments Bank, Renu Satti.

Paytm Payments bank offers Savings Accounts with no minimum balance requirement and a free RuPay Digital Debit Card. This card comes with a free insurance cover up to Rs. two lakhs, in case of death or permanent total disability. KYC customers can open a PPB account instantly on their smartphone. The company is also looking to partner with Universal Banks to offer additional financial services to its customers to roll out full bouquet of banking services that includes term deposits, retail and SME loans.